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Business Wire
24-07-2025
- Business
- Business Wire
Galderma Delivers Record First Half 2025 Net Sales of 2.448 Billion USD and 12.2% Year-on-Year Growth at Constant Currency, Raises Full-Year Top-Line Guidance
ZUG, Switzerland--(BUSINESS WIRE)--Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the first half of 2025. Record net sales of 2.448 billion USD, representing net sales growth of 12.2% at constant currency, driven mainly by volume and complemented by favorable mix Double-digit growth in both International markets and the U.S., with strong performance across all product categories, including year-on-year growth of 9.8% for Injectable Aesthetics, 7.7% for Dermatological Skincare, and 26.9% for Therapeutic Dermatology at constant currency Significant progress on the launch of new innovation, including Nemluvio ® (nemolizumab) which continues to outperform, delivering 131 million USD in sales, the ongoing positive uptake of Relfydess™, now launched in 17 markets, and geographic expansion in Fillers & Biostimulators Advancing leadership in science and education, supported by new long-term data on nemolizumab in atopic dermatitis and prurigo nodularis as well as the initiation of new clinical trials in systemic sclerosis and chronic pruritus of unknown origin Growth in Core EBITDA, delivering 555 million USD, up 9.5% year-on-year at constant currency, with a slightly higher than expected Core EBITDA margin for the first half of 22.7% Disciplined capital allocation with continued investments behind organic growth, net leverage reduced to 2.1x, early debt repayment of 110 million USD, debt refinancing of 1.04 billion USD of its term loan, and purchases of treasury shares for a total amount of 323 million USD Raising 2025 full-year guidance on net sales, expecting growth of 12-14% at constant currency (previously 10-12%), and confirming guidance on Core EBITDA margin of approximately 23% at constant currency 'Galderma's strong performance in the first half of 2025 underscores the impact of our executional excellence across product categories and the continued ramp-up of our two potential blockbuster launches, Nemluvio and Relfydess. Reflecting this strong progress and confidence in the business, we are raising our full-year guidance on net sales. With the establishment of our new U.S. headquarters in Miami and sustained scientific momentum, we are also sharpening our focus – accelerating growth and moving from category leadership to becoming a true powerhouse in dermatology.' FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA Expand Delivering strong commercial performance Galderma achieved 2.448 billion USD in net sales for the first half of 2025, representing 12.2% year-on-year growth at constant currency. Growth was mainly driven by volume, complemented by favorable mix. This reflects an acceleration in the second quarter, with year-on-year growth of 15.8% at constant currency. The first half saw strong performance across all product categories, including double-digit growth in 7 out of Galderma's top 10 markets. Galderma delivered notable market share gains in Injectable Aesthetics in both geographies (International markets and the U.S.) as well as in Dermatological Skincare in International markets. In Therapeutic Dermatology, Nemluvio maintained its strong momentum with global net sales of 131 million USD. International markets: Galderma sustained its strong momentum with double-digit growth in both Injectable Aesthetics subcategories, as well as in Dermatological Skincare. Injectable Aesthetics saw especially strong growth in Brazil, Canada, China, Mexico, and the U.K., while Dermatological Skincare growth was accelerated by strong performances in China and India. Therapeutic Dermatology's modest growth was mainly driven by Nemluvio sales in Germany. U.S.: The U.S. grew across all product categories in the first half, led by strong performances from Nemluvio and Neuromodulators. In Injectable Aesthetics, Galderma continued to gain share in both Neuromodulators and Fillers & Biostimulators, despite the Fillers market being impacted by market softness and intensified promotional activity. In Dermatological Skincare, Cetaphil made strides in e-commerce as well as with select large retailers, despite continued constrained consumer spending, while Alastin® grew across channels. In Therapeutic Dermatology, Nemluvio's sales ramp-up in prurigo nodularis and atopic dermatitis was higher than expected, more than offsetting the anticipated decline from mature products. Injectable Aesthetics Injectable Aesthetics net sales for the first half of 2025 were 1,240 million USD, with year-on-year growth of 9.8% at constant currency. Neuromodulators achieved net sales of 707 million USD, up 14.7% year-on-year at constant currency. Both the U.S. and International markets reported double-digit growth and continued to gain market share. Dysport ® remains on a strong growth trajectory, while the launch of Relfydess – the first and only ready-to-use liquid neuromodulator created using PEARL™ Technology – continues to deliver ahead of expectations, including some stocking benefits from multiple market launches. As anticipated, growth in the second quarter for Neuromodulators was slightly subdued, following a very strong first quarter with some favorable phasing. Fillers & Biostimulators recorded net sales of 534 million USD, up 3.9% year-on-year at constant currency. With market share gains in the U.S. and International markets, growth was mainly driven by sustained high growth momentum for Sculptra ® as well as the initial uptake of new launches, including Sculptra in China and Restylane ® SHAYPE™ in Brazil. Fillers continued to be impacted by market softness, especially in the U.S., with lower consumer demand and intense promotional activity, while growth in Biostimulators remained very strong, particularly in International markets. Overall, the growth rate for Fillers & Biostimulators in the second quarter was high, following a decline in the previous quarter due to a high comparative base in 2024. Galderma maintained its focus on commercial execution and partnership with healthcare professionals, including an increase in the reach of its education, training and medical awareness activities. These efforts also supported new launches, notably for Relfydess, which is now available in 17 markets, with further global regulatory submissions initiated. Interest and demand for Relfydess have been very high, with positive feedback from early adopters, especially on long duration, fast onset and simple volumetric dosing. Recent Fillers & Biostimulators launches are also performing ahead of expectations. Sculptra continues on its strong launch trajectory in China's fast-growing aesthetics market, while Restylane SHAYPE is outperforming all recent competitive launches in Brazil. Dermatological Skincare Dermatological Skincare net sales for the first half of 2025 were 719 million USD, with year-on-year growth of 7.7% at constant currency. Cetaphil and Alastin, Galderma's flagship Dermatological Skincare brands, continued on their growth trajectories, supported by strong momentum in e-commerce channels globally. Cetaphil growth in International markets remained very strong, with exceptional performance in Asia, where India became a top sales contributor. In the U.S., Cetaphil grew in e-commerce channels and with select large retailers, despite constrained consumer spending. Alastin continued to grow double-digits, with the U.S. performing across channels and steady progress in International market expansion plans. Highlights for the period included the launch of CetaSphere, a new global advocacy network; a major Cetaphil campaign in China with a leading local live streamer leading to rapid sell-through during the '618' shopping festival; and high profile appearances, including a collaboration between Alastin and Halle Berry at the Met Gala and Cannes Film Festival. Additionally, Galderma focused on strong retailer engagement, including Alastin's strategic physician-first approach, targeted execution with local Cetaphil retailers, as well as fast-growing e-commerce channels. Growth was also supported by new innovations such as Cetaphil's Acne Fast Rescue Pimple Patches and Alastin's Restorative Skin Complex with Next Generation TriHex Technology ®. Therapeutic Dermatology Therapeutic Dermatology net sales for the first half of 2025 were 489 million USD, with year-on-year growth of 26.9% at constant currency. This accelerated performance was driven by an impressive ramp-up in Nemluvio sales, notably in the second quarter. This growth more than offset the decline in the category's mature portfolio, especially in the U.S. Nemluvio delivered 131 million USD in net sales, performing ahead of expectations. Sales were primarily driven by the U.S., the majority still from prurigo nodularis, with the contribution from atopic dermatitis quickly increasing. Internationally, Germany's launch trajectory remains strong. Market share gains in both prurigo nodularis and atopic dermatitis in the U.S. were underpinned by increasing underlying demand and market access, spanning more than 70% commercial covered lives as a first-line biologic treatment as of July 16 th, 2025. The commercial uptake was further supported by ongoing sales force expansion, a direct-to-consumer advertising campaign in atopic dermatitis, and deepening engagement with healthcare professionals leveraging recently published long-term data (details below). Global regulatory processes continue to progress, underscoring growing interest and sustained momentum. Nemluvio was approved by the Therapeutic Goods Administration (TGA) in Australia in May 2025 for the treatment of both moderate-to-severe atopic dermatitis and prurigo nodularis. With this decision, Nemluvio is now approved in all selected countries under the Access Consortium framework. In June, Nemluvio was also recommended for routine National Health Service (NHS) funding in England and Wales for moderate-to-severe atopic dermatitis, as outlined in final draft guidance from the National Institute for Health and Care Excellence (NICE). 1 Advancing cutting-edge science and industry-leading medical education Galderma reinforced its leadership in dermatology by presenting several new scientific data and pipeline updates, and by supporting education at key industry events. In June 2025, Galderma presented new long-term data on Nemluvio in both atopic dermatitis and prurigo nodularis as late breaker presentations at the Revolutionizing Atopic Dermatitis (RAD) Conference and the XIV International Congress of Dermatology (ICD), respectively. These new data reinforced Nemluvio's consistent safety profile and durable clinical efficacy on both skin lesions and itch, across both indications, with prolonged treatment up to two years. 2-4 These results build on data from the ARCADIA and OLYMPIA clinical trials – with OLYMPIA being the largest completed pivotal clinical program in prurigo nodularis and the only one assessing long-term safety and efficacy for this condition. 4-6 Also in June, Galderma announced the initiation of two new clinical trials to investigate the efficacy and safety of nemolizumab in treating patients living with systemic sclerosis (SSc) and chronic pruritus of unknown origin (CPUO) – two chronic conditions with high unmet need. 7-9,10 In SSc, Galderma's phase II proof-of-concept study is a multicenter, randomized, double-blind, placebo-controlled study investigating nemolizumab in adults. Patient enrolment is planned from the second half of 2025, with completion expected in 2028. In CPUO, Galderma's phase II trial is a randomized, double-blind, placebo-controlled proof-of-concept study exploring the impact of nemolizumab on itch intensity and quality of life in patients without an identifiable underlying cause, with enrollment expected to start in the second half of 2025 in the U.S., and study completion expected in 2026. Overall, nemolizumab is seen as a pipeline within an asset, with the potential to explore additional indications over time as relevant. As the pure-play dermatology category leader, Galderma is spearheading efforts to address the most predominant aesthetic concerns of a new and fast-growing patient population experiencing medication-driven weight loss. In mid-July, Galderma unveiled final nine-month data from a phase IV first-of-its-kind trial showing lasting efficacy and patient satisfaction with Restylane Lyft ® or Contour ® in combination with Sculptra when addressing facial aesthetic changes after medication-driven weight loss. These extended study data reinforce that this treatment regimen can effectively improve facial aesthetic appearance with high patient satisfaction over nine months. Alongside these scientific advancements, Galderma maintained its commitment to market-leading education through a steady flow of regional and local Galderma Aesthetic Injector Network (GAIN) events. Following an earlier memorandum of understanding to work towards a new research and development collaboration, Galderma and L'Oréal signed an agreement for a new research project to use our complementary technologies to develop a non-invasive, ambulatory imaging approach for extracellular matrix remodeling in the skin. Investing in our U.S organization to drive growth Galderma also made important moves to accelerate innovation and growth in the U.S., the company's largest market, with the establishment of its new U.S. headquarters in Miami, Florida. The new site will serve as a strategic hub for Dermatological Skincare and Injectable Aesthetics, reinforcing Galderma's long-term commitment to the market. To support this, Galderma appointed Heather Wallace as President of Galderma U.S., bringing deep experience in dermatology and consumer health. These steps reflect Galderma's continued investment in the market and the potential it sees for the future. Strengthening our financial profile For the first half of 2025, Galderma delivered a record 555 million USD in Core EBITDA, growing 9.5% year-on-year at constant currency in a year of key launches. Core EBITDA margin was 22.7%, with margin erosion slightly better than expected for the period given the strong ramp-up of Nemluvio, despite some reinvestments behind growth. Galderma's underlying profitability, defined as Core EBITDA margin excluding the Core EBITDA impact from nemolizumab, continued to improve. Profitability in the first half of the year benefited from some phasing in research and development. Meanwhile, gross margin was impacted by pricing pressures, especially in the U.S., partially offset by favorable mix. Core net income continued to grow significantly, achieving 329 million USD for the period, driven by strong Core EBITDA growth, lower financing expenses, and a phasing-related improvement of the effective tax rate. Galderma also brought its net leverage down to 2.1x at the end of June 2025. In addition, given strong financial results and confidence in cash generation, Galderma repaid 110 million USD of its debt early, and refinanced 1.04 billion USD of its term loan, including issuing its inaugural Eurobond and new dual tranche CHF bonds following Fitch's investment grade rating. Galderma took steps to further support its shareholder returns with the approval and first payment of a dividend and the repurchase of shares during the accelerated bookbuild offerings which took place in the first half of the year. First, a gross dividend of 0.15 CHF per dividend-bearing share was distributed out of reserves from capital contributions. Second, Galderma repurchased 2.78 million shares for 323 million USD in the context of the accelerated bookbuild offerings of Galderma shares by Sunshine SwissCo GmbH ('EQT'), Abu Dhabi Investment Authority ('ADIA') and Auba Investment Pte. Ltd. ('Auba'), funded from existing liquidity on hand and to be held in treasury to support Galderma's employee participation plans, business development opportunities and/or treasury management. Raising full-year guidance on net sales Reflecting its strong growth trajectory and investments behind significant launches, Galderma is raising its net sales guidance for 2025 to 12-14% year-on-year growth at constant currency, and confirming its Core EBITDA margin, at approximately 23% at constant currency. This guidance update reflects the ramp-up of Nemluvio which is expected to drive significant growth in Therapeutic Dermatology. It also highlights the strong performance in Injectable Aesthetics for the first half of the year. In the second half, Neuromodulators are expected to be impacted by stocking dynamics, notably from the ongoing Relfydess launches and a high comparative base in Latin America. Galderma remains confident in its ability to outgrow the Neuromodulator market globally and expects low 'teens' net sales growth for its Neuromodulators subcategory for the full-year ('teens' defined as numbers greater than 10% and lower than 20%). Fillers & Biostimulators are expected to continue to benefit in the second half from the increasing contribution of new launches and the very strong momentum of Sculptra. Finally, Dermatological Skincare is expected to sustain its growth trajectory globally with expected growth acceleration in the fourth quarter due to seasonal activations. Regarding Core EBITDA margin, while the first half of the year was slightly ahead of expectations given the stronger than anticipated ramp-up of Nemluvio, underlying profitability for the second half of the year is expected to slightly decrease. This reflects the increased seasonal ramp-up of marketing activities for the period and the anticipated impact of U.S. tariffs. Galderma remains confident in its ability to deliver on its guidance considering its manageable exposure to announced U.S. tariffs, which are fully factored-in for the full-year, along with its ability to absorb some further tariff impact and consumer demand-related deterioration. Webcast details Galderma will host a trading update call today at 13:00 CET to discuss the first half 2025 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at a recording will also be made available after the event. About Galderma Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Appendices Appendix 1: H1 2025 net sales by product category and geography Appendix 2: Q2 2025 net sales by product category and geography Appendix 3: Reconciliation of H1 2025 P&L from IFRS to Core reporting In million USD IFRS - as reported Exceptional & transformation related items Impairments Amortization Depreciation Core reporting % Net Sales based on Core reporting Net Sales 2,448 - - - - 2,448 Other revenue 18 - - - - 18 Cost of goods sold (761) - 5 105 11 (641) Gross profit 1,705 - 5 105 11 1,826 74.6% Research and development (104) - - - 1 (103) 4.2% Sales and marketing (818) - - - 7 (811) 33.1% General and administrative (276) - 4 17 16 (238) 9.7% Medical and regulatory (55) - - - - (55) 2.2% Distribution (64) - - - 1 (64) 2.6% Other income / (expenses) (29) 29 - - - - - Operating profit as reported 358 Total adjustments 29 9 122 36 Core EBITDA 555 Expand Appendix 4: Reconciliation of H1 2025 of Core EBITDA to IFRS Net Income Appendix 5: Reconciliation of H1 2025 from IFRS Net Income to Core Net Income 12 In million USD H1 2024 H1 2025 Net income / (loss) 47 194 Total EBITDA adjustments 11 59 38 VCB financing revaluation (28) - Amortization 112 122 Foreign exchange loss on financing activities 30 1 Income taxes on above items (10) (25) Core Net Income 12 210 329 Core EPS in USD 13 0.89 1.39 Expand Appendix 6: H1 2025 Total Net Indebtedness In million USD December 31 2024 June 30 2025 Total Indebtedness 14 2,813 2,715 Cash and Cash Equivalents (457) (458) Total Net Indebtedness 2,356 2,257 Expand Appendix 7: Additional modeling metrics Notes and references Note: Due to rounding numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All ratios, subtotals and variances are calculated using the underlying amount rather than the presented rounded amount. NICE. Nemolizumab for treating atopic dermatitis - technology appraisal guidance. Available online. Accessed June 2025 Silverberg, JI, et al. Nemolizumab long-term safety and efficacy up to 104 weeks in the ARCADIA open-label extension study in adolescents and adults with moderate-to-severe atopic dermatitis. Presented at Revolutionizing Atopic Dermatitis Conference 2025; June 6-7; Nashville, United States. Silverberg J, et al. Nemolizumab with concomitant topical therapy in adolescents and adults with moderate-to-severe atopic dermatitis (ARCADIA 1 & 2): results from two replicate double-blinded, randomised controlled phase 3 trials. Lancet. 2024;404(10451):445-460. doi: 10.1016/S0140-6736(24)01203-0 Ständer S, et a. Nemolizumab long-term efficacy and safety up to 100 weeks in the OLYMPIA open-label extension study in patients with prurigo nodularis: An interim analysis. Presented at International Congress of Dermatology; June 18-21, 2025; Rome, Italy. A Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501679). Available online. Accessed May 2025 Study to Assess the Efficacy and Safety of Nemolizumab (CD14152) in Participants With Prurigo Nodularis (PN) (NCT04501666). Available online. Accessed May 2025 Jimenez SA, Mendoza FA, Piera-Velasquez S. A review of recent studies on the pathogenesis of Systemic Sclerosis: focus on fibrosis pathways. Front Immunol. 2025;16: 1551911. doi: 10.3389/fimmu.2025.1551911 Truchetet ME, et al. Current Concepts on the Pathogenesis of Systemic Sclerosis. Clin Rev Allergy Immunol. 2021;64(3): 262–283. doi: 10.1007/s12016-021-08889-8 Teresa J, et al. Therapeutics in chronic pruritus of unknown origin. Itch. 2023;8(1): pe64. doi: 10.1097/itx.0000000000000064 Andrade E, et al. Interventions for chronic pruritus of unknown origin. CDSR. 2020;1(1): CD013128. doi: 10.1002/ H1 2024 adjustments include 48 M USD for IPO related incentive plans, 5 M USD for platform transformation costs, 4 M USD for VCB bonus, 2 M USD for IPO. H1 2025 adjustments include 4 M USD litigation, 6 M USD onerous items, 2 M USD M&A, 9 M USD impairments, 4 M USD restructuring, 13 M USD for operating FX Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares Indebtedness includes financial debt and lease liabilities Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees On reported profit before tax Includes interest income and interest expense, excluding FX impact Of reported net income based on prior year results, subject to Board and AGM approval Includes 13 M USD of Operating FX from H1 2025 Forward-looking statements Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof.
Globe and Mail
11-03-2025
- Health
- Globe and Mail
Chronic Pruritus Market Set for Significant Expansion by 2034, Predicts DelveInsight
The Chronic Pruritus Market is making significant strides, fueled by innovative treatment approaches and ongoing research advancements. DelveInsight's latest 7MM report delivers deep insights into key epidemiology trends and evolving market dynamics, shaping the future of chronic pruritus management. DelveInsight's 'Chronic Pruritus - Market Insight, Epidemiology, And Market Forecast - 2034″ report offers an in-depth understanding of the Chronic Pruritus, historical and forecasted epidemiology as well as the Chronic Pruritus market trends in the United States, EU5 (Germany, Spain, Italy, France, and the United Kingdom) and Japan. Some of the key facts of the Chronic Pruritus Market Report: • According to DelveInsight, the market for Chronic Pruritus in the 7MM is expected to witness notable growth during the study period from 2020 to 2034. • The 12-month cumulative incidence of chronic pruritus in the general population may be as high as ~7%. • KORSUVA (difelikefalin) is the first FDA-approved treatment for Chronic Kidney Disease-Associated Pruritus (CKD-aP). • Other treatments for chronic pruritus include topical and systemic corticosteroids, antihistamines, immunomodulators, phototherapy, and other off-label medications. • In Dec 2024, Galderma received U.S. FDA approval for Nemluvio® (Nemolizumab) for patients with moderate-to-severe atopic dermatitis. • In Aug 2024, Galderma received U.S. FDA approval for Nemluvio® (Nemolizumab) for adult patients living with prurigo nodularis. • In May 2024, Clexio reached the 50% enrollment milestone in the CLE-400 Phase II proof-of-concept study for subjects suffering from chronic pruritus associated with Notalgia Paresthetica. • Emerging drugs in the chronic pruritus pipeline include Dupixent, CLE-400, and others. • Key players in the chronic pruritus market include Sanofi, Keymed Biosciences, Bellus Health, Clexio Biosciences, and others. To Know in detail about the Chronic Pruritus market outlook, drug uptake, treatment scenario, and epidemiology trends, Click here: Chronic Pruritus Market Forecast Chronic Pruritus Overview Chronic pruritus (persistent itching) is a distressing condition lasting for more than six weeks, often associated with dermatological, neurological, systemic, or psychogenic disorders. Common causes include eczema, psoriasis, chronic kidney disease, diabetes, and nerve disorders. The persistent itch significantly impacts quality of life, leading to sleep disturbances, anxiety, and depression. Management depends on the underlying cause and may involve antihistamines, corticosteroids, immunomodulators, or targeted biologics. Get a Free sample for the Chronic Pruritus Market Report: Chronic Pruritus Epidemiology The epidemiology section provides insights into the historical, current, and forecasted epidemiology trends in the seven major countries (7MM) from 2020 to 2034. It helps to recognize the causes of current and forecasted trends by exploring numerous studies and views of key opinion leaders. The epidemiology section also provides a detailed analysis of the diagnosed patient pool and future trends. Chronic Pruritus Epidemiology Segmentation: The Chronic Pruritus epidemiology chapter in the report provides historical as well as forecasted epidemiology segmented by: • Prevalence-specific cases of chronic pruritus • Disease-specific cases of chronic pruritus Download the report to understand which factors are driving Chronic Pruritus epidemiology trends @ Chronic Pruritus Epidemiology Forecast Chronic Pruritus Drugs Uptake and Pipeline Development Activities The drugs uptake section focuses on the rate of uptake of the potential drugs recently launched in the Chronic Pruritus market or expected to be launched during the study period. The analysis covers the market uptake of chronic pruritus by drugs, patient uptake by therapies, and sales of each drug. Moreover, the therapeutics assessment section helps understand the drugs with the most rapid uptake and the reasons behind the maximal use of the drugs. Additionally, it compares the drugs based on market share. The report also covers the Chronic Pruritus Pipeline Development Activities. It provides valuable insights about different therapeutic candidates in various stages and the key companies involved in developing targeted therapeutics. It also analyzes recent collaborations, acquisitions, mergers, licensing patent details, and other information for emerging therapies. Chronic Pruritus Market Strengths • New insights into the neurological pathways of chronic itch are driving novel treatment developments. • The growing recognition of chronic pruritus as a serious condition fuels demand for effective therapies. Chronic Pruritus Market Weaknesses • Many current treatments provide only symptomatic relief without addressing the root cause. • Patients with refractory pruritus often struggle to find effective and long-term solutions. Scope of the Chronic Pruritus Market Report • Study Period: 2020–2034 • Coverage: 7MM [The United States, EU5 (Germany, France, Italy, Spain, and the United Kingdom), and Japan] • Key Chronic Pruritus Therapies: Dupixent, CLE-400, and others. • Key Chronic Pruritus Companies: Sanofi, Keymed Biosciences, Bellus Health, Clexio Biosciences, and others. • Chronic Pruritus Therapeutic Assessment: Chronic Pruritus currently marketed and Chronic Pruritus emerging therapies • Chronic Pruritus Market Dynamics: Chronic Pruritus market drivers and Chronic Pruritus market barriers • Competitive Intelligence Analysis: SWOT analysis, PESTLE analysis, Porter's five forces, BCG Matrix, Market entry strategies • Chronic Pruritus Unmet Needs, KOL's views, Analyst's views, Chronic Pruritus Market Access and Reimbursement To learn more about the key players and advancements in the Chronic Pruritus Treatment Landscape, visit the Chronic Pruritus Market Analysis Report Table of Contents 1. Chronic Pruritus Market Report Introduction 2. Executive Summary for Chronic Pruritus 3. SWOT analysis of Chronic Pruritus 4. Chronic Pruritus Patient Share (%) Overview at a Glance 5. Chronic Pruritus Market Overview at a Glance 6. Chronic Pruritus Disease Background and Overview 7. Chronic Pruritus Epidemiology and Patient Population 8. Country-Specific Patient Population of Chronic Pruritus 9. Chronic Pruritus Current Treatment and Medical Practices 10. Chronic Pruritus Unmet Needs 11. Chronic Pruritus Emerging Therapies 12. Chronic Pruritus Market Outlook 13. Country-Wise Chronic Pruritus Market Analysis (2020–2034) 14. Chronic Pruritus Market Access and Reimbursement of Therapies 15. Chronic Pruritus Market Drivers 16. Chronic Pruritus Market Barriers 17. Chronic Pruritus Appendix 18. Chronic Pruritus Report Methodology 19. DelveInsight Capabilities 20. Disclaimer 21. About DelveInsight About DelveInsight DelveInsight is a leading Healthcare Business Consultant and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance. It also offers Healthcare Consulting Services, which benefits in market analysis to accelerate business growth and overcome challenges with a practical approach. Media Contact Company Name:DelveInsight Contact Person: Jatin Vimal Email:Send Email Phone: +14699457679 Address:304 S. Jones Blvd #2432 City: Las Vegas State: Nevada Country: United States Website: Press Release Distributed by To view the original version on ABNewswire visit: Chronic Pruritus Market Set for Significant Expansion by 2034, Predicts DelveInsight
Associated Press
06-03-2025
- Business
- Associated Press
Galderma Delivers 2024 Record Net Sales of 4.410 Billion USD, up 9.3% Year-on-Year at Constant Currency1, and Record Core EBITDA of 1.031 Billion USD, While Preparing to Accelerate Its Growth Trajectory Into 2025 and Beyond
ZUG, Switzerland--(BUSINESS WIRE)--Mar 6, 2025-- Galderma Group AG (SIX:GALD), the pure-play dermatology category leader, today announced its financial results for the full year 2024, delivering strong results for another consecutive year while making significant progress with its blockbuster platforms and future growth drivers. Record net sales: Achieved 4,410 million USD in net sales, up 9.3% year-on-year on a constant currency basis 1, with volume-based growth fueled by focused execution and differentiated innovation Broad-based growth: Continued performance across all product categories with constant currency year-on-year growth of 9.6% for Injectable Aesthetics, 10.7% for Dermatological Skincare and 6.1% for Therapeutic Dermatology Focused execution: Continued execution of Galderma's unique growth-focused Integrated Dermatology Strategy, supporting all product categories on a global scale and with omni-channel presence. Moreover, made significant headway with the company's future growth drivers, including Nemluvio ® (nemolizumab) and Relfydess™ (RelabotulinumtoxinA), which received key approvals in the U.S. and Europe, respectively Science and education leadership: Further strengthened its commitment to leadership in dermatology, showcasing its science-based portfolio spanning the full spectrum of the fast-growing dermatology market, with strong progress on its scientific agenda and leading presence at key industry events Record profitability: Delivered 1,031 million USD Core EBITDA 2 for the full year, exceeding the one billion USD mark for the first time in its history. This represents a 23.4% Core EBITDA margin, with a profitability improvement of 30 basis points (up 50 basis points at constant currency) compared to 2023 Deleveraged balance sheet: Reduced leverage 3 to 2.3x at the end of December 2024, along with the issuance of Galderma's first inaugural Swiss bond 2025 full year guidance: Expecting net sales growth of 10-12% at constant currency and Core EBITDA margin of approximately 23% at constant currency, reflecting Galderma's continued growth trajectory and key launches, including required investments, and operating leverage improvements. Confirmed its confidence in Galderma's mid-term guidance 'In 2024, Galderma continued to deliver strong performance while preparing the company for its next phase of growth, following its successful listing on the SIX Swiss Exchange. Our distinctive trajectory is fueled by our growth-focused Integrated Dermatology Strategy, driving the successful execution of our portfolio of premium science-based brands. We continue to increase penetration and share of voice in a market with pockets of softness. Recent key regulatory approvals of new differentiated innovations position Galderma well across all our product platforms – for 2025 and beyond.' FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA Commercial performance Galderma achieved record net sales of 4,410 million USD for the full year 2024, representing 9.3% year-on-year net sales growth on a constant currency basis. Results were predominantly driven by volume, complemented by favorable mix. Net sales growth was widespread across product categories. All categories grew, with notably strong performance in Injectable Aesthetics and Dermatological Skincare, and Therapeutic Dermatology growth boosted by the launch in the U.S. of Nemluvio. International markets, Galderma's larger geography, continued driving the Group's growth, delivering another year of double-digit performance in highly attractive, largely underpenetrated sectors. They delivered double-digit growth in all three product categories, for the full year and in the fourth quarter of 2024, which was the strongest growth quarter of the year. The double-digit quarterly performance was driven by strong performance of year-end engagement activities across product categories and was aided by a lower 2023 comparative base. Highlights include leadership and market share gains in Neuromodulators, with particularly strong demand in Europe and Latin America. Furthermore, Fillers & Biostimulators achieved robust growth overall, with notable growth in Thailand and the Middle East. Also, Cetaphil ® enjoyed broad-based growth across markets and Alastin ® expanded in its first International markets. Finally, the mature Therapeutic Dermatology portfolio outperformed in International markets, despite genericization and pricing pressures. The U.S. delivered flat year-on-year net sales for the full year 2024. The modest growth in Injectable Aesthetics, Dermatological Skincare and first sales of Nemluvio were offset by the decline in the mature Therapeutic Dermatology portfolio from lower anticipated volumes and ongoing market genericization. In Injectable Aesthetics, the U.S. continued to gain market share across its portfolio. In a softening Injectable Aesthetics market with intensifying promotional activities, growth for the full year was driven by Dysport ® and Sculptra ® (poly-L-lactic acid). In Dermatological Skincare, Cetaphil performed strongly in the fast-expanding e-commerce channel, along with improved Cetaphil execution with Galderma's largest retail partner. Growth was also supported by increasing penetration of Alastin, leveraging synergies from Galderma's leading position in Injectable Aesthetics. Nemluvio recorded first sales of 23 million USD for the full year, tracking ahead of expectations, following the launch mid-August 2024 in prurigo nodularis and mid-December 2024 in atopic dermatitis. For the fourth quarter, the U.S. overall recorded a single digit decline, from the continued impact from constrained consumer spending, compounded by a high comparative base. In addition, Injectable Aesthetics, which continued to gain market share in the U.S. in the fourth quarter, had rebalancing of growth compared to the previous quarter. Furthermore, the anticipated decline of the U.S. Therapeutic Dermatology mature portfolio was not yet offset by the Nemluvio sales ramp-up. Throughout 2024, Galderma made strong progress across its product categories and future growth platforms, driving distinctive innovation and securing key regulatory approvals. Along with the continued execution of its growth-focused Integrated Dermatology Strategy, this will further fuel its growth trajectory in 2025 and beyond. Injectable Aesthetics Injectable Aesthetics net sales for the full year 2024 were 2,299 million USD, with year-on-year growth of 9.6% on a constant currency basis. Both Injectable Aesthetics subcategories performed strongly for the full year 2024, with notable double-digit growth rates of Dysport and Sculptra. Galderma continued its track record of gaining market share across its Injectable Aesthetics portfolio. For the fourth quarter, beyond some market softness, year-on-year growth was impacted by a high comparative base. It was also affected by phasing of growth across subcategories in the second half of the year, rebalancing the sales phasing from the third quarter of the year. Both geographies continued growing for the full year, with market share gains in the U.S. and key International markets. Neuromodulators net sales were 1,285 million USD for the full year, up 11.8% year-on-year at constant currency. Galderma continued to gain market share and outpace the market in Neuromodulators. It saw particularly strong demand from strengthened European leadership and significant outperformance in Latin America, along with notable market share gains in the U.S. and in China. Relfydess (RelabotulinumtoxinA, previously referred to as QM-1114) also recorded its first sales in Europe, with its first launches in the fourth quarter. Fillers and Biostimulators net sales were 1,014 million USD for the full year, up 7.0% year-on-year at constant currency. Fillers sustained growth in Asia Pacific and Latin American markets, while being impacted by softness in other key markets. Biostimulators continued on a strong growth trajectory globally. Progress was supported by the successful Sculptra launch in Thailand and strong demand across key markets, with notable outperformance in the Middle East. The main innovation milestone for Injectable Aesthetics was the successful completion of the European decentralized regulatory procedure for Relfydess, resulting in a positive decision. As of now, Relfydess is approved in 14 European countries, as well as in Australia and the U.K. The first commercial activities began in November 2024 in Germany and Spain and are tracking ahead of expectations. Feedback from healthcare professionals is positive, with an early onset of action from Day 1 and strong anticipation of duration sustained for six months. Relfydess is indicated for the temporary improvement in the appearance of moderate-to-severe glabellar lines (frown lines) at maximum frown and lateral canthal lines (crow's feet) seen at maximum smile. It can be administered alone or in combination, in adult patients under 65 years, when the severity of these lines has an important psychological impact on the patient. Galderma continued to expand the science and innovation fueling its Injectable Aesthetics portfolio. Restylane ® VOLYME™, designed for contouring and volumization of the mid-face region, was launched in China, one of the world's biggest and fastest growing injectable aesthetics markets. Other portfolio expansions included the launch of Restylane SHAYPE™ in Canada and Brazil as the first hyaluronic acid (HA) injectable with bone-mimicking properties using the new NASHA HD™ technology for temporary augmentation of the chin region. This sets the stage for additional market launches. China is also preparing to launch Sculptra in 2025, following approval in 2024. Sculptra is the first proven regenerative biostimulator, with a unique PLLA-SCA™ formulation that helps restore the deep, underlying structure of the skin. Sculptra encourages the remodeling of components of the extracellular matrix, such as elastin and collagen, helping to gradually restore facial volume and the look of fullness to wrinkles and folds over time. Dermatological Skincare Dermatological Skincare net sales for the full year 2024 were 1,331 million USD, up 10.7% on a constant currency basis. Galderma experienced robust growth in both of its flagship Dermatological Skincare brands, Cetaphil and Alastin. In International markets, Cetaphil continued its strong growth trajectory, with notable market share gains in key markets such as Brazil, Canada, China, India, the Philippines, and the U.K. & Ireland, among others. Alastin started to ramp-up outside of the U.S. and is still at the beginning of its international expansion journey. In the U.S., Cetaphil growth was impacted by constrained consumer demand while capturing pockets of growth, especially in e-commerce channels. Cetaphil further benefited from improved execution with Galderma's largest retail partner, while Alastin continued its expansion. Now fully integrated within Galderma's leading dermatology platform, Alastin continued to gain market share and was the fastest growing of the top five professional U.S. skincare brands in 2024. Galderma has also announced a new hub in Miami, Florida, for its U.S. Dermatological Skincare business. This move reflects its commitment to driving innovation and pursuing the next phase of its growth. In 2024, Galderma reached billions of consumers worldwide through engagement with leading healthcare professionals and skinfluencers. E-commerce remained the fastest-growing channel and Cetaphil reached record performances in online sales. The strong e-commerce performance was broad-based: in the U.S., Cetaphil continued its growth momentum at Amazon; in China, growth was boosted by another record-breaking Double-11 performance; and, in select emerging markets, Cetaphil achieved triple-digit e-commerce growth year-on-year. In terms of science and innovation, beyond boosting Cetaphil Restoraderm sales in conjunction with the ramp-up of Nemluvio in the U.S., Galderma ensured a consistent flow of new Cetaphil launches, designed for sensitive skin and tailored to local consumer needs. Launches throughout the year included new innovation, particularly in the face range, as well as continued global expansion of relevant lines. Meanwhile, the previously launched Alastin C-Radical Defense Antioxidant Serum continued its robust market uptake in the U.S., driven by strong clinical differentiation and external recognition, with awards proving its excellence as a top-performing Vitamin C serum. Therapeutic Dermatology Therapeutic Dermatology net sales for the full year 2024 were 780 million USD, up 6.1% year-on-year at constant currency. Growth was driven by International markets and the first sales of Nemluvio in the U.S. Overall, these more than offset the decline in the mature U.S. Therapeutic Dermatology portfolio, with lower anticipated volumes and ongoing market genericization. Nemluvio sales for 2024 reached 23 million USD, all recorded in the U.S. and primarily in the prurigo nodularis indication. In August 2024, Nemluvio was approved for adult patients with prurigo nodularis. Nemluvio is trending at about 30% weekly market share of new-to-brand prescriptions (NBRx), for the period beginning in January to mid-February 2025. Performance was based on the strong activation of healthcare professionals, very positive patient feedback and increasing adoption of Nemluvio in prurigo nodularis in the U.S. In December 2024, the U.S. Food and Drug Administration (FDA) also approved Nemluvio for the treatment of patients 12 years and older with moderate-to-severe atopic dermatitis, in combination with topical corticosteroids (TCSs) and/or topical calcineurin inhibitors (TCIs) when the disease is not adequately controlled with topical prescription therapies. Following the close of the year, the European Commission, the U.K. Medicines and Healthcare products Regulatory Agency, and Swissmedic also approved Nemluvio. Their approval is for subcutaneous use for the treatment of moderate-to-severe atopic dermatitis in patients aged 12 years and older who are candidates for systemic therapy. They also approved subcutaneous use for the treatment of adults with moderate-to-severe prurigo nodularis who are candidates for systemic therapy. Marketing authorization applications for Nemluvio in both prurigo nodularis and atopic dermatitis are currently under review by multiple regulatory authorities across the world. Nemluvio is on a strong launch trajectory, and Galderma reiterated its peak sales guidance of above 2 billion USD. The mature Therapeutic Dermatology portfolio is not expected to be a contributor to growth over the mid-term, as it will continue to be subject to increasing competition and pricing pressures from generics. Expansion opportunities in new markets and patient groups are also being explored. Breakthrough science and industry-leading medical education Galderma reaffirmed its leadership in dermatology. It showcased its innovative, science-based portfolio that spans the full spectrum of the fast-growing dermatology market with strong progress on its scientific agenda and a prominent presence at key industry events. Full results from nemolizumab's phase III ARCADIA 1 and 2 clinical trials in atopic dermatitis were published in The Lancet. These trials evaluated the efficacy and safety of nemolizumab in combination with background TCSs, with or without TCIs, versus placebo in combination with TCSs, with or without TCIs. Participants were adolescent and adult patients with moderate-to-severe atopic dermatitis. The trials met their co-primary and all key secondary endpoints, showing that nemolizumab significantly improved skin lesions, itch and sleep disturbance by week 16 when compared to placebo, with significant itch relief observed as early as week 1. In addition, full results from the phase III OLYMPIA 1 trial evaluating the efficacy and safety of nemolizumab in adults with moderate-to-severe prurigo nodularis have been published in JAMA Dermatology, showing the trial met all primary and key secondary endpoints. Galderma's commitment to market-leading education and services was demonstrated through its presence at major medical congresses, including at the Aesthetic & Anti-Aging Medical World Congress (AMWC), the American Academy of Dermatology (AAD) Annual Meeting, the European Academy of Dermatology and Venereology (EADV) Congress, Vegas Cosmetic Surgery (VCS) and the International Master Course on Aging Science (IMCAS) World Congress. Engagement with healthcare professionals covered the full spectrum of Galderma's portfolio, with a particular focus on showcasing its unparalleled aesthetics portfolio and generating growing appreciation for nemolizumab. For the full year, over 225,000 4 healthcare professionals were reached through education, training and medical awareness activities. These included the Galderma Aesthetic Injector Network (GAIN), the Global Sensitive Skincare Faculty (GSSF), continuous medical education and the aforementioned medical congresses. Galderma also expanded on its global platforms with the launch of its Skin Knowledge and Innovation Network (SKIN), spanning Dermatological Skincare and Therapeutic Dermatology. The program helps healthcare professionals make informed decisions while enhancing their personal development and impact on patients' lives. While welcoming L'Oréal as a new shareholder, Galderma announced that it signed a memorandum of understanding with the Group in August 2024 to work towards a new research and development collaboration. Financial scorecard Galderma delivered 1,031 million USD in Core EBITDA for the full year 2024, surpassing one billion USD for the first time. Core EBITDA year-on-year growth was 12.9% at constant currency, with Core EBITDA growing faster than net sales. The reported Core EBITDA margin was 23.4%, while at constant currency the margin was 23.6%, representing an increase of 30 and 50 basis points, respectively, compared to the 2023 Core EBITDA margin of 23.1%. Core EBITDA margin expansion was driven by ongoing operating leverage and lower-than-anticipated spend on nemolizumab research and development. Total nemolizumab costs related to external Research and Development, Medical and Regulatory, Sales and Marketing, and Distribution for the full year were 226 million USD. Underlying profitability for Galderma, excluding the aforementioned nemolizumab operating expenses, continued to increase driven by the benefits of operating leverage from our Integrated Dermatology Strategy, especially benefiting sales and marketing spend. Improvements on operating expenses offset the impact of pricing pressures on gross margin, especially from a soft trading environment in the U.S. Core net income grew by 138.8%, reflecting three main drivers: 1) strong financial performance on the top- and bottom-line; 2) lower financing expenses, due to Galderma's deleveraging and refinancing activities following the capital structure reset at IPO; and 3) significant improvement of the effective tax rate. Galderma continued to progress on its deleveraging trajectory, with its strong cash generation allowing for early debt repayment. At the end of December 2024, the net debt-to-Core EBITDA leverage ratio was reduced to 2.3x, from 2.6x at the end of June 2024 and 4.9x at the end of December 2023. Over the year, net debt was reduced by 2,277 million USD, down to 2,356 million USD. Given strong financial results for the year and confidence in cash generation, Galderma proceeded to early repayment of gross debt of 256 million USD. The repayment was possible despite 176 million USD paid for three conditional milestones and earn-out obligations during the year. Galderma's interest expense for the full year also benefited from Galderma's deleveraging and refinancing activities, including the capital structure reset at IPO, the early debt repayments and the issuance of an inaugural 500 million CHF bond in August 2024. In 2024, Galderma also made meaningful progress in its Environmental, Social and Governance (ESG) agenda, notably improving front-runner ESG metrics related to emissions, waste and water in its operations. Additionally, the publication of Galderma's ESG 2023 update paved the way for progressive enhancement of its non-financial reporting. Following the record 2024 performance, Galderma's board will propose for approval at the upcoming Annual General Meeting a dividend payment out of reserves from capital contributions of 0.15 CHF (gross) per share 5. Full-year guidance For the full year 2025, Galderma expects net sales growth of 10-12% at constant currency and a Core EBITDA margin of approximately 23% at constant currency. This represents an acceleration of Galderma's growth trajectory and includes the anticipated investments behind its significant launches. As a reminder, while underlying profitability is expected to continue to increase in 2025—driven by operating leverage—this year is expected to incur the highest adverse profit and loss (P&L) impact from investments in nemolizumab. Galderma remains confident in its future and is also reconfirming its previously stated mid-term guidance, with details available in the Appendix along with updated additional modeling metrics. In terms of phasing, year-on-year growth of net sales in the first quarter is expected to be clearly subdued, due to a high comparable base in 2024, some ongoing market softness and the temporary impact from the wildfires in California. The quarterly year-on-year growth is expected to significantly accelerate throughout the rest of the year. It will be fueled by the launch of disruptive innovation, in particular the ramp-up of Nemluvio and Relfydess, and from further geographic and portfolio expansions in International markets. As for Core EBITDA margin phasing, the adverse P&L impact from nemolizumab investments is expected to peak in the first half of the year, with significant expansion of Core EBITDA margin in the second half of the year. Webcast details Galderma will host its financial results call today at 14:00 CET to discuss the full year 2024 results and respond to questions from financial analysts. Investors and the public may access the webcast by registering on the Galderma Investor Relations website at Galderma's Annual Report will be published on March 21, 2025. About Galderma Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Appendices Appendix 1: Full year 2024 net sales by product category and geography In million USD Net sales Year-on-year growth FY 2023 FY 2024 Constant currency Reported Group total 4,082 4,410 9.3% 8.0% By product category Injectable Aesthetics 2,128 2,299 9.6% 8.0% Neuromodulators 1,162 1,285 11.8% 10.6% Fillers & Biostimulators 966 1,014 7.0% 5.0% Dermatological Skincare 1,212 1,331 10.7% 9.8% Therapeutic Dermatology 742 780 6.1% 5.1% By geography International 2,271 2,600 16.9% 14.5% U.S. 1,811 1,810 -0.0% -0.0% Appendix 2: Q4 2024 net sales by product category and geography In million USD Net sales Year-on-year growth Q4 2023 Q4 2024 Constant currency Reported Group total 1,072 1,151 9.6% 7.3% By product category Injectable Aesthetics 576 601 6.9% 4.4% Neuromodulators 317 358 15.4% 12.9% Fillers & Biostimulators 259 243 -3.7% -6.1% Dermatological Skincare 312 341 11.0% 9.4% Therapeutic Dermatology 184 208 15.5% 13.0% By geography International 574 686 23.8% 19.4% U.S. 498 465 -6.6% -6.6% Appendix 3: Reconciliation of FY 2024 P&L from IFRS to Core reporting In million USD IFRS - as reported Exceptional & transformation related items Amortization Depreciation Core reporting % Net Sales based on Core reporting Net Sales 4,410 - - - 4,410 Other revenue 30 - - - 30 Cost of goods sold (1,355) - 186 19 (1,150) Gross profit 3,085 - 186 19 3,290 74.6% Research and development (260) - - 2 (258) 5.9% Sales and marketing (1,377) - 1 11 (1,364) 30.9% General and administrative (543) 60 43 30 (411) 9.3% Medical and regulatory (95) - - - (95) 2.1% Distribution (132) - - 1 (130) 3.0% Other income / (expenses) (33) 33 - - - - Operating profit as reported 645 Total adjustments 93 229 64 Core EBITDA 1,031 Appendix 4: Reconciliation of FY 2024 of Core EBITDA to IFRS Net Income In million USD FY 2023 FY 2024 Core EBITDA 942 1,031 % margin 23.1% 23.4% Exceptional and transformation related adjustments (54) (60) Other income / (expenses) (75) (33) Total EBITDA adjustments 6 (130) (93) EBITDA 812 938 % margin 19.9% 21.3% Depreciation (55) (64) Amortization (221) (229) Operating profit 536 645 Net interest expenses incl. VCB revaluation (527) (328) Foreign exchange gain / (loss) on financing activities 2 (7) Income / (loss) before tax 11 310 Income taxes (68) (79) Net income (57) 231 Appendix 5: Reconciliation of FY 2024 from IFRS Net Income to Core Net Income 7 In million USD FY 2023 FY 2024 Net income / (loss) (57) 231 Total EBITDA adjustments 6 130 93 VCB financing revaluation (32) (28) Amortization 221 229 Foreign exchange gain / (loss) on financing activities (2) 7 Income taxes on above items (52) (36) Core Net Income 208 496 Core EPS in USD 8 2.09 Appendix 6: FY 2024 Total Net Indebtedness In million USD Dec 31 2023 Dec 31 2024 Total Indebtedness 9 5,001 2,813 Cash and Cash Equivalents (368) (457) Total Net Indebtedness 4,633 2,356 Appendix 7: Mid-term guidance Mid-term guidance, 2023-2027E CC CAGR 'Teens' defined as numbers greater than 10% and lower than 20% Topline Group net sales 'Low to mid-teens 10 ' CAGR incl. nemolizumab Injectable Aesthetics 'Low to mid-teens 10 ' CAGR Dermatological Skincare 'High single- to low-teens 10 ' CAGR Therapeutic Dermatology 'High-teens 10 ' CAGR incl. nemolizumab Profitability Core EBITDA margin Incl. nemolizumab +300 – 500bps Core EBITDA margin expansion (vs. 2023) by 2027E majority of which delivered in 2026 and 2027 Nemluvio Peak sales (beyond the mid-term period guidance horizon) >2 B USD peak sales Appendix 8: Additional modeling metrics 2024 actuals 2025 Mid-term Non-core adjustments 11 93 M USD ~50 M USD Effective tax rate 12 25.5% 20 - 25% ~20% Core CAPEX 3.3% 3 - 4% of net sales Low to mid-single digit as % of net sales Leverage 2.3x Targeting <2x for the mid-term Net financial expenses 13 328 M USD ~210 - 220 M USD Milestone and earnout payments 176 M USD ~25 M USD Dividends 14 ~17% Ordinary dividend pay-out target of up to 20% Notes and references Constant currency year-on-year growth is defined as the annual growth rate of net sales excluding the impact of exchange rates movements and excluding hyperinflation economies. The impact of changes in foreign exchange rates are excluded by translating all reported revenues during the two periods at average exchange rates in effect during the previous year. Core EBITDA is defined as EBITDA excluding the following items that are deemed exceptional, including acquisition and disposal, integration and carve-out related income and expenses, onerous contracts, business disposal gains and losses, restructuring and reorganization related items, litigation related items, impairment of PPE and software, IPO related incentive plans as well as other income and expense items that management deems exceptional and that are expected to accumulate within the year to be over 1 M USD threshold. These include transformation, carve-out and build-up related project costs as well as post-acquisition related accounting impacts Leverage is defined as Total Net Indebtedness divided by Core EBITDA on a twelve-months rolling basis Single training contact points, one healthcare professional can be trained more than once Dividend-bearing shares are all shares issued except for treasury shares held by Galderma Group AG or its direct or indirect fully owned subsidiaries as of the record date. The dividend will be paid in CHF. The distribution of 0.15 CHF per share is subject to the overall cap of 49.5 million USD converted into CHF two business days prior to the Annual General Meeting divided by the number of outstanding shares. Provided that the proposed dividend payment out of reserves from capital contributions is approved, the payment will be made as of April 29, 2025 to holders of shares on the record date April 28, 2025. The shares will be traded ex-dividend as of April 25, 2025 and, accordingly, the last day on which the shares may be traded with entitlement to receive the dividend will be April 24, 2025. 2023 adjustments include 27 M USD for platform transformation costs, 28 M USD for VCB bonus, 24 M USD litigation and onerous items, 3 M USD for IPO and M&A, 31 M USD for operating FX, 18 M USD on Impairment and Restructuring and Others. 2024 adjustments include 48 M USD for IPO related incentive plans, 4 M USD for VCB bonus, 12 M USD litigation, 9 M USD restructuring, 8 M USD for platform transformation costs, 6 M USD for IPO, 4 M USD for operating FX. Core Net Income is defined as net income / (loss) from continuing operations adjusted for the same items that are treated as exceptional for purposes of defining Core EBITDA, as well as amortization of intangible assets, foreign exchange gains and losses on financing activities. Taxes on the adjustments between IFRS net income and Core Net Income take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact Core EPS is calculated as Core net income divided by the weighted average number of outstanding shares Indebtedness includes financial debt and lease liabilities 'Teens' defined as numbers greater than 10% and lower than 20% Includes assumptions for other income and expenses related to tangible asset impairments, ongoing litigation and onerous items, restructuring charges and others, excluding M&A fees On reported profit before tax Includes interest income and interest expense, excluding FX impact Of reported net income based on prior year results, subject to Board and AGM approval Forward-looking statements Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as 'plans', 'targets', 'aims', " believes', 'expects', 'anticipates', 'intends', 'estimates', 'will', 'may', 'continues', 'should' and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof. View source version on CONTACT: Media Christian Marcoux, Chief Communications Officer [email protected] +41 76 315 26 50Sébastien Cros Corporate Communications Director [email protected] +41 79 529 59 85Investors Emil Ivanov Head of Strategy, Investor Relations and ESG [email protected] +41 21 642 78 12Jessica Cohen Investor Relations and Strategy Director [email protected] +41 21 642 76 43 KEYWORD: SWITZERLAND EUROPE INDUSTRY KEYWORD: OTHER HEALTH HEALTH COSMETICS RETAIL PHARMACEUTICAL SOURCE: Galderma Group AG Copyright Business Wire 2025. PUB: 03/06/2025 01:00 AM/DISC: 03/06/2025 01:00 AM
